Presentation Title

The Modern U.S. Economy: Influence Through Affluence Through Intelligence

Faculty Mentor

Mark Collinson, William Etter

Start Date

17-11-2018 3:00 PM

End Date

17-11-2018 5:00 PM

Location

CREVELING 96

Session

POSTER 3

Type of Presentation

Poster

Subject Area

business_economics_public_administration

Abstract

Influence and affluence often go hand in hand; therefore, powerful countries tend to assert their dominance through their complementary robust economies. Trade is what truly allows these economies to flourish due to naturally differing comparative advantages. After taking globalization with relatively recent technological advances into consideration, however, the role that specialization plays in trade becomes a rather dynamic concept. This study analyzes this phenomenon from the perspective of the United States. Previously, the United States clearly held their comparative advantage in producing certain goods via manufacturing or agriculture; but now, their comparative advantage seems to be shifting more towards providing services and other higher-skilled work. Subsequently, this significant change has been affecting the way the United States makes economic choices on all levels, from the policies of firms and institutions to the decisions of American families, both of which are now competing for the same resources as their equivalent counterparts in other countries. The average American would probably say that the changes brought about by globalization and technology are for the better, which is true; for example, we all benefit from the internet and access to cheaper higher quality goods. On that note, however, the average American also does not seem to fully grasp the effect that a smaller world also has on their everyday lives economically, especially when it comes to job availability and salaries. To better understand the United States’ economic standing, this paper examines the American mentality of exceptionalism in conjunction with how reality reflects this with recent internationally competitive pressures. Ultimately, we find that, when confronted with uncertainty, education is our best line of defense; so, to secure future prosperity economically and otherwise for the United States, it is vital to facilitate the development of American human capital, especially through higher education.

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Nov 17th, 3:00 PM Nov 17th, 5:00 PM

The Modern U.S. Economy: Influence Through Affluence Through Intelligence

CREVELING 96

Influence and affluence often go hand in hand; therefore, powerful countries tend to assert their dominance through their complementary robust economies. Trade is what truly allows these economies to flourish due to naturally differing comparative advantages. After taking globalization with relatively recent technological advances into consideration, however, the role that specialization plays in trade becomes a rather dynamic concept. This study analyzes this phenomenon from the perspective of the United States. Previously, the United States clearly held their comparative advantage in producing certain goods via manufacturing or agriculture; but now, their comparative advantage seems to be shifting more towards providing services and other higher-skilled work. Subsequently, this significant change has been affecting the way the United States makes economic choices on all levels, from the policies of firms and institutions to the decisions of American families, both of which are now competing for the same resources as their equivalent counterparts in other countries. The average American would probably say that the changes brought about by globalization and technology are for the better, which is true; for example, we all benefit from the internet and access to cheaper higher quality goods. On that note, however, the average American also does not seem to fully grasp the effect that a smaller world also has on their everyday lives economically, especially when it comes to job availability and salaries. To better understand the United States’ economic standing, this paper examines the American mentality of exceptionalism in conjunction with how reality reflects this with recent internationally competitive pressures. Ultimately, we find that, when confronted with uncertainty, education is our best line of defense; so, to secure future prosperity economically and otherwise for the United States, it is vital to facilitate the development of American human capital, especially through higher education.